01/26/10 Paris, France – Ben Bernanke seems to be sailing to another term as the nation’s chief central banker. Obama gave him a big push. When it looked like that might not be enough, Tim Geithner tried blackmail.
Failure to return Bernanke to the Fed could cause market instability, he told the Senators.
These poor dumbos…all of them. Larry Summers, Ben Bernanke, Tim Geither…Barack Obama…and all the House and the Senate (the only exception we know of is our old friend Ron Paul)…
…None of them has a clue. They warned Congress in September ’09 that the world would come to an end unless Wall Street was bailed out. They got their way. Wall Street was bailed out; and the world didn’t come to an end. So, they must have been right about it.
None of them knows what is going on. And none of them has any interest in finding out. When it comes to the feds, ignorance pays.
Who wants a Fed chief who admits the truth?
“I’m sorry,” Bernanke should tell a televised joint session of Congress. “Our economy is de-leveraging. There is nothing we can do except get out of the way.
“If we bail out failed enterprises, we will have more failed enterprises.
“If we pay people not to work, we will have more people not working.
“If we provide more credit, we will have even more debt.
“If the government uses more resources, the private sector will have fewer resources.
“Forget it. There’s no way out. So, let’s stop all this gimcrackery. Let’s back off and let the markets do their work: let failed companies go broke…let homeowners who can’t pay their mortgages lose their houses…let speculators lose money…let the chips fall where they may, so that the next generation of entrepreneurs can pick them up and make something with them. Let it be.”
Mr. Bernanke would be lucky to make it out of the Capitol alive.
Bill Bonner
Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America's most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind The Daily Reckoning. Dice Have No Memory: Big Bets & Bad Economics from Paris to the Pampas, the newest book from Bill Bonner, is the definitive compendium of Bill’s daily reckonings from more than a decade: 1999-2010.
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How does one get paid “not to work”? I want to get in on that deal (hey, I’m a “parasite,” after all). Don’t say unemployment, ’cause that doesn’t pay the bills.
careful BB, don’t do anything rash
I DO say “unemployment”!
I can’t believe people feel OWED money when they are unemployed. Someone else is paying that money out of their taxes!
If it doesn’t pay your bills it means you have to CUT BACK! It doesn’t mean you are OWED more money.
The money you are being paid IS a PAYMENT! It IS payment for not working!
For heaven’s sake Shawn go read a little Ayn Rand or something…
Francisco D’Anconia = Right On
Shawn = you said it yourself, parasite
Francisco d’Anconia, have you actually read Ayn Rand? The Tea Partiers have an oversimplified view of the book, if they’ve even bothered to read it.
*shrugs* I am employed. Just thought one of you gracious gentlemen had enough cash lying about that you’d be willing to let me stay home.
Francisco, I don’t feel that anybody owes me anything–which is why I put forth the effort to attend college, get a job, etc.
Joe, I use the phrase “parasite” because our illustrious author refers to all in gov’t service as such.
~S
It’s not that they don’t have a clue Bill it’s because they work for the CFR which is bent on destroying the economy so that they can bring in World Government and make everyone serfs!
It is well past the time to think these people are stupid!